Watch out - changes to Nationwide credit cards

alupton

I have a Nationwide cash reward credit card and have just received notification in my statement that the "caring mutual" is hitting card holders with not one, but 4 sneaky changes to the card (all bad news!) with effect from 1st March. Changes are as follows:

1. The maximum number of interest free days is being cut from 56 to 46
2. They are no longer going to pay cashback on non-UK transactions
3. They are increasing interest rates by 1%
4. The cashback is being halved from 0.5% to 0.25%

If you didn't read the statement insert, you won't know about this! Remember that the credit card market is mega competitive, so you have the option of ditching this for a better deal.

Reaper

alupton wrote:

If you didn't read the statement insert, you won't know about this!

MSE members might do if they saw this or this. No harm in reminding people though. I'm switching to a different card to use for purchases this month. Worth reading Martin's article on Best cashback cards for anyone else wanting to do the same.

Galstonian

It is possibly worth noting that cashback has been reduced by almost all the best cashback cards over the past six months or so, switching to another card to earn cashback could easily end up a short term move.

Amex is still way out in front and may be the only ones who can truly make this work since their merchant fees are so much higher then other card issuers. If they have gained market share and there are now more people asking to use Amex (potentially persuading more retailers to start accepting it) then it may well be viewed as a big success and continue.

Just by £0.02...